Truist Financial Initiates Coverage on Advance Auto Parts (NYSE:AAP)

Equities research analysts at Truist Financial assumed coverage on shares of Advance Auto Parts (NYSE:AAP) in a research note issued to investors on Thursday, Briefing.com reports. The firm set a “buy” rating and a $273.00 price target on the stock. Truist Financial’s target price points to a potential upside of 13.94% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Morgan Stanley lifted their price target on Advance Auto Parts from $220.00 to $235.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 17th. Wedbush boosted their price objective on Advance Auto Parts from $250.00 to $270.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 16th. JPMorgan Chase & Co. boosted their price objective on Advance Auto Parts from $237.00 to $276.00 and gave the stock an “overweight” rating in a research report on Monday, October 18th. Credit Suisse Group boosted their price objective on Advance Auto Parts from $250.00 to $255.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 16th. Finally, Citigroup boosted their price objective on Advance Auto Parts from $282.00 to $290.00 and gave the stock a “buy” rating in a research report on Tuesday, November 16th. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Advance Auto Parts currently has an average rating of “Buy” and a consensus target price of $247.48.

Shares of AAP opened at $239.60 on Thursday. Advance Auto Parts has a 52-week low of $143.15 and a 52-week high of $244.55. The business’s fifty day moving average is $234.09 and its 200-day moving average is $219.55. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.35 and a current ratio of 1.24. The firm has a market cap of $14.94 billion, a price-to-earnings ratio of 24.25, a PEG ratio of 1.16 and a beta of 1.27.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Monday, November 15th. The company reported $3.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.87 by $0.34. Advance Auto Parts had a return on equity of 22.79% and a net margin of 5.89%. The company had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter last year, the company posted $2.81 EPS. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. As a group, research analysts forecast that Advance Auto Parts will post 11.86 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Advance Auto Parts during the 2nd quarter worth approximately $34,000. Arkadios Wealth Advisors raised its stake in Advance Auto Parts by 479.3% during the 3rd quarter. Arkadios Wealth Advisors now owns 168 shares of the company’s stock worth $35,000 after buying an additional 139 shares during the period. Berman Capital Advisors LLC raised its stake in Advance Auto Parts by 42.4% during the 3rd quarter. Berman Capital Advisors LLC now owns 198 shares of the company’s stock worth $41,000 after buying an additional 59 shares during the period. Tobam raised its stake in Advance Auto Parts by 466.7% during the 3rd quarter. Tobam now owns 238 shares of the company’s stock worth $50,000 after buying an additional 196 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in Advance Auto Parts by 23.9% during the 3rd quarter. Geneos Wealth Management Inc. now owns 259 shares of the company’s stock worth $53,000 after purchasing an additional 50 shares in the last quarter. 98.10% of the stock is currently owned by institutional investors and hedge funds.

About Advance Auto Parts

Advance Auto Parts, Inc engages in the supply and distribution of aftermarket automotive products for both professional installers and do-it-yourself customers. It operates through the following segments: Northern Division, Southern Division, Carquest Canada, Independents and Worldpac. Advance Auto Parts offers replacement parts, performance parts, accessories, oil and fluids, engine parts, brakes, batteries, accessories, and tools and garage.

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Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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